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Financial Institution Letters

Bank Secrecy Act
Statement on Money Services Businesses
FIL-24-2005
March 30, 2005


Summary: The federal banking, thrift and credit union regulatory agencies, and the Financial Crimes Enforcement Network, have jointly issued a statement regarding money services businesses.

Highlights:
  • The Federal Deposit Insurance Corporation (FDIC), together with the Financial Crimes Enforcement Network (FinCEN), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration, issued today a Statement regarding banking institutions’ obligations under the Bank Secrecy Act when opening and maintaining accounts for money services businesses. The agencies recognize that money services businesses must have access to financial services to remain within the formal financial sector.
  • The agencies will soon issue guidance for banking institutions that further outlines compliance expectations. In addition, FinCEN will issue concurrent guidance to money services businesses outlining their compliance obligations under the Bank Secrecy Act.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Bank Secrecy Act
Money Services Businesses

Attachment:
Joint Statement on Providing Banking Services to Money Services Businesses

Contact:
Senior Financial Analyst, Debra L. Novak at SASFIL@FDIC.gov or (202) 898-3673.

Printable Format:
FIL-24-2005 - PDF 34k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2005/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).



Last Updated 03/30/2005 communications@fdic.gov